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Canuck
Starting Member
6 Posts |
 Posted - 13 November 2008 : 21:02:21
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On assets can the take engagement and wedding rings (do you have to put them down)
Seen advice on what to do with Bank accounts however I am no clearer on the subject, We need an account to pay our bills and the ones we have are with our creditors and I don't want my account to be frozen and we go BR only to get into trouble with our providers, child care ect as well as not have any cash for living.
Will they freeze a prepay card ?
Can you do dirct debits from a prepay card ?
When should we open a bank account ?
When will they freeze our current accounts ?
When do I stop paying the creditors ?
When do the creditors find out ?
How much money will they leave us with each month?
How do you explain what you spent your debts on ?
Sorry for all the questions we are just scared and out of our depth I will stop there, thank you in advance for your help.
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pjm
Starting Member
United Kingdom
30 Posts |
Posted - 13 November 2008 : 21:11:38
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Firstly are you both going BR? as the person going BR the OR will freeze any accounts that belong to the BR,not sure about DD's from your prepay. Do not open a bank ac until after you have gone BR as anyhting before will be frozen. The creditors will be contated by the OR.
The OR will discuss how much money to leave you with as each case is different. Stop paying your creditors now if you are going BR shortly.
Hope this helps a bit
Paul |
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dazed and confused
Junior Member
United Kingdom
475 Posts |
Posted - 13 November 2008 : 21:21:14
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Hi Canuck!
Hope you are well and welcome to the Forum - you have come to a good place.
I am no Expert, but I will try and help with what I can. I am sure someone more in the know will be along soon.
Engagement and wedding rings - if they are of high value I would imagine you must out them down. That does not necessarily mean the OR will take them. Someone else asked this recently - sorry but I can't remember what the definitive answer was.
Bank Accounts - most people on here have gone with the Coop Cashminder Account who are supposed to be BR friendly. You can do DD's / SO's from this Account. Coop are one of my Creditors so I can't go with them I have a Basic Account with RBS and they have said I can keep this once I go BR.
I doubt they would freeze a prepaid card, but the Coop one is probably better anyway.
I believe you can still do DD's from a prepay card.
You could either open a Basic Bank Account before BR or immediately after - after might be best.
I believe that current accounts are frozen quite soon after the Banks being informed of your BR. I believe this is up to the individual Bank though, and that the Or can ask for it to be 'unfrozen' if you need to get essential money out or if the OR has no interest in that Account.
Most people tend to stop paying their Creditors once they have deided to go ahead with the BR - sometimes to save the money for the BR fee. I stopped paying mine for 3 months before entering into a DMP and they were not too bad.
The Creditors do not usually find out you are BR until after the BR date, unless you inform them beforehand.
You will be left with enough money each month to cover your essential living costs, plus maybe some more - it all depends on how much you earn and what your living costs are.
Most people put down 'Consolidation' or 'Living Costs' as the reason for their debt, but of course it all depends on what it has been spent on.
Don't worry about the questions - keep them coming!!! It might help if you are a bit more specific.
It might be worth you calling the Free Helpline on this site too - all the people are really friendly and helpful.
Are you Canadian by the way - Canuck?
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John
New Member
United Kingdom
73 Posts |
Posted - 13 November 2008 : 22:23:37
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Hi
I would not list the wedding / engagement rings.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
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Canuck
Starting Member
6 Posts |
Posted - 13 November 2008 : 22:23:49
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Thanks so far guys
Yes I have dual Nationality
The bank account question is really bothering me as how will I pay my dd's get my wages to live ect.
my car is a major concern as well its worth about 2k but is heavily needed for work,
This will be a joint Bankruptcy
we are i negative equity and to be fair don't know what will happen to the house which is another stress
3 young children
we are - £400 per month and thedebts keep mounting
I just want to make sure everything is done right
Have read in the pack sent to us they can still take the house ask for payments for 3 years min increase payments ect
I just wish someone could just guide me through the whole thing as it is causing obviouse tention in my house any experience or guidence is needed. |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 13 November 2008 : 22:35:06
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Hi Canuck
Why not give the helpline a call sometime, leave a name and number and although i know they are busy they always get back to you.
That number is 0800 078 9367.
I think you need a little chat with one of the advisers there.
Take care and dont worry it will all come good in the end :-)
Jo
x
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called:
Jo's Links and added info on Bankruptcy!
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
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debtrider
Junior Member
494 Posts |
Posted - 14 November 2008 : 13:39:42
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Hi Canuck
I would like to answer your questions to the best of my ability as i went bankrupt on 20th October.
I don't believe the OR will bother about prepaid cards, remember these prepaid cards are not like credit cards or bank account so there is no debt involved. Prepaid cards are not like a bank account and I have not seen one yet where you can set up Direct Debits. I have a Tuxedo prepaid card and you can now set up standing orders with this card.
I opened a Co-op cashminder account before going bankrupt for my essential living expenses etc, and they have not frozen it. The OR told me that he had no interest in this account, and it was up to the bank to decide whether they kept it open and it is still open.
I stopped paying my creditors 3 months before going bankrupt so if your thinking of going bankrupt soon then I would stop paying them. As long as you can put up with the letters and phone calls then stop paying them. I am still getting few letters and telephone calls now 5 months after stopping payments. I believe these letters and calls would have gone on into next year before any legal action would have kicked in from the creditors.
Most of my debt was accumlated from drawing cash from cards to put into my bank account then writing a cheque to make the minimum payment on my credit cards. So I was basically robbing peter to pay paul for a long time.
I had help from Paul Johns of Reviva UK who assisted me through my bankruptcy and is still helping me now. He helped me fill in my SOA, came to court with me, and to the meeting with the OR. So he was there all the time to advice me when ever I needed it. I could not have got through all this without his expert help.
Hope everything goes well for you
Debtrider
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